Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Limited Review Revised Consolidate Results of December 2024 Board approved in meeting ....
Awaiting price reaction for this filing.
Gammon India has filed revised consolidated results for the quarter and nine months ended December 31, 2024 after fixing a clerical error in how certain OCI (Other Comprehensive Income) line items were linked — a positive Rs 17.99 Crore OCI gain for Q3 had earlier been shown as nil. Despite this correction, the company posted a loss before tax of Rs 1,020.69 Crore for the quarter and Rs 1,021.13 Crore for the nine months, with revenue from operations collapsing to just Rs 15.33 Crore for Q3 (down from Rs 192.8 Crore a year ago). The statutory auditor issued a qualified conclusion, flagging concerns around disputed receivables, Rs 774.02 Crore of contested penal interest treated as a contingent liability, and unresolved subsidiary-level qualifications. The auditor also highlighted a material uncertainty related to going concern: current liabilities exceed current assets by Rs 12,246.48 Crore, bank facilities have been classified as NPA since 2017, winding-up petitions have been filed, and the company's restructuring plan is stuck because lenders have not reached consensus. Trading in the company's shares is currently suspended on the exchanges.
This filing confirms that Gammon India remains in severe financial distress with no near-term operational recovery in sight — shareholders face very high risk as the company's survival hinges on lender approval of an unresolved restructuring plan. The qualified auditor opinion and going concern warning, combined with suspended trading and piling creditor actions, make this a high-risk, distressed equity with limited upside until a resolution plan is accepted.